Source: Bizcommunity, 17 January 2022, photo credit: 123RF
Global market research company Euromonitor International has released its anticipated annual global consumer trends report.
The ‘Top 10 Global Consumer Trends 2022‘ report defines the trends motivating consumer behavior and challenging business strategies in the year ahead.
Radical lifestyle shifts motivated consumers to make intentional, mindful and ambitious decisions in 2021. Now, consumers are putting their plans into motion, taking chances and seizing the moment. Businesses need to evolve as quickly as consumer behaviour is changing.
These are the key trends Euromonitor has identified.
1. Backup Planners: Consumers find creative solutions to purchase their go-to products or search for next best options as supply chain disruptions cause massive shortages.
2. Climate Changers: Eco-anxiety and the climate emergency drive environmental activism for a net-zero economy. In 2021, 35% of global consumers actively reduced their carbon emissions.
3. Digital Seniors: Older consumers become savvier tech users. Virtual solutions must be tailored to the needs of this expanded online audience.
4. Financial Aficionados: Democratised money management empowers consumers to strengthen financial literacy and security. More than half of global consumers believe they will be better off financially in the next five years.
5. The Great Life Refresh: Consumers focus on personal growth and well-being, making drastic life changes that reflect their values, passions and purpose.
6. The Metaverse Movement: Immersive, 3D digital ecosystems begin to transform social connections. Global sales of AR/VR headsets grew 56% from 2017 to 2021, reaching $2.6bn last year.
7. Pursuit of Preloved: Secondhand shopping and peer-to-peer marketplaces flourish as consumers seek unique, affordable and sustainable items.
8. Rural Urbanites: Consumers relocate to safer, cleaner and greener neighborhoods.
9. Self-Love Seekers: Authenticity, acceptance and inclusion are at the forefront of lifestyle choices and spending habits as consumers embrace their truest selves.
10. The Socialisation Paradox: Fluctuating comfort levels create a conflicting return to pre-pandemic life. In 2021, 76% of global consumers took health and safety precautions when leaving home.
“Businesses need to transform alongside rapidly evolving consumer preferences,” says Alison Angus, head of lifestyles at Euromonitor International. “Reverting to a pre-pandemic playbook will not likely generate the same results moving forward.”
The South African Pork Producers’ Organisation (SAPPO) coordinates industry interventions and collaboratively manages risks in the value chain to enable the sustainability and profitability of pork producers in South Africa.